% created using textab on Wed Mar 11 21:08:03 2026
\begin{tabular}{rcccccc}
\toprule 
\midrule 
 & (1) & (2) & (3) & (4) & (5) & (6) \\
 \cmidrule(lr){2-7} 
 & \multicolumn{6}{c}{Response as percentage change} \\
 \cmidrule(lr){2-7} 
$t = -1$ & -0.010 & -0.012 & 0.016 & -0.037 & -0.031 & -0.060 \\
 & (0.027) & (0.030) & (0.024) & (0.031) & (0.040) & (0.050) \\[3pt]
$t = 0$ & -0.073** & -0.076** & -0.049 & -0.051 & -0.028 & -0.057 \\
 & (0.032) & (0.033) & (0.030) & (0.040) & (0.049) & (0.056) \\[3pt]
$t > 0$ avg. & -0.230*** & -0.239*** & -0.207*** & -0.242*** & -0.219*** & -0.240*** \\
 & (0.043) & (0.042) & (0.040) & (0.050) & (0.061) & (0.074) \\
 \cmidrule(lr){2-7} 
 & \multicolumn{6}{c}{Response in levels} \\
 \cmidrule(lr){2-7} 
$t = -1$ & -820 & -1,081 & 1,296 & -3,749 & -3,367 & -7,053 \\
 & (2,279) & (2,798) & (1,952) & (3,227) & (4,493) & (6,075) \\[3pt]
$t = 0$ & -6,251** & -7,187** & -4,064 & -5,165 & -3,089 & -6,704 \\
 & (2,869) & (3,231) & (2,518) & (4,094) & (5,429) & (6,852) \\[3pt]
$t > 0$ avg. & -22,088*** & -25,224*** & -19,039*** & -26,806*** & -25,841*** & -30,356** \\
 & (5,247) & (5,825) & (4,473) & (7,199) & (9,048) & (11,889) \\
\midrule 
\multicolumn{7}{l}{\emph{Sample selection minimums at $t=-1$}} \\
Ownership share & 1/3 & 1/4 & 1/2 & 1/3 & 1/3 & 1/3 \\[3pt]
Firm age & 2 & 2 & 2 & 3 & 5 & 7 \\
\midrule 
$\bar{Y}$ & 82,581 & 88,452 & 81,648 & 96,995 & 105,210 & 109,503 \\
$N$ owners & 45,902 & 51,029 & 40,606 & 36,819 & 28,494 & 22,794 \\
$N$ firms & 54,856 & 61,658 & 47,532 & 42,941 & 32,572 & 25,748 \\
\midrule 
\bottomrule 
\end{tabular}
